Caravel
Underwriter – Real Estate Development, Bridging & Mezzanine Finance
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Underwriter – Real Estate Development, Bridging & Mezzanine Finance
Caravel are partnering with a fast-growing Real Estate debt fund that is continuing to scale its UK lending platform. Following the recent addition of a new funding line, the business is expanding its underwriting team once again, alongside continued investment in its origination capability.
With deep access to capital, including backing from a US Private Equity firm, the platform is entering its next phase of growth across Development, Bridging and Mezzanine finance. This is not growth for growth’s sake: the firm takes a rigorous, highly analytical approach to lending, combining the pace and commerciality of an alternative lender with an institutional standard of underwriting, diligence and risk assessment.
The business is also continuing to invest in its infrastructure and technology, with a focus on AI, data and smarter underwriting processes as the loan book grows.
The Opportunity
You’ll join an expanding underwriting team responsible for the detailed assessment, structuring and execution of UK real estate lending opportunities.
The origination team carries out an initial assessment of opportunities before transactions move into underwriting for a much deeper review. From there, you’ll interrogate the full deal: analysing the underlying real estate, borrower and sponsor, development assumptions, capital structure, downside scenarios, exit strategy and key execution risks.
This is a role for someone who enjoys getting beneath the surface of a transaction. Rather than simply processing deals, you’ll be expected to form a clear, evidence-based credit view, challenge assumptions and help determine whether a transaction offers the right risk-adjusted return.
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Working closely with originators, senior decision-makers, credit committee members and external advisors, you’ll take transactions from detailed review through to funding. Your analysis will also play an important role in structuring and pricing individual deals.
What You’ll Be Doing
- Underwriting and structuring Development, Bridging and Mezzanine loans secured against UK real estate
- Conducting detailed analysis of borrowers, sponsors, assets, business plans, planning positions, development costs and exit strategies
- Reviewing development appraisals, financial models, borrower accounts and transaction structures
- Stress-testing key assumptions and assessing downside scenarios, sensitivities and repayment risk
- Interpreting valuation reports, QS reports, legal documentation and other third-party due diligence
- Assessing leverage, capital structures and the strength of underlying security
- Producing clear, well-reasoned credit papers that identify key risks, mitigants and investment considerations
- Presenting transactions and supporting discussions with senior stakeholders and credit committee members
- Working closely with the origination team to challenge, refine and structure opportunities
- Engaging with brokers, borrowers and professional counterparties throughout the transaction lifecycle
- Supporting post-completion monitoring where required
What They’re Looking For
- Around 2+ years’ experience in real estate lending, underwriting, credit or structured finance
- Strong understanding of Development and/or Bridging finance; Mezzanine exposure would be advantageous
- A strong grasp of UK real estate fundamentals and development feasibility
- Confidence analysing complex transactions and identifying the key drivers of risk
- Strong financial analysis skills, with the ability to interrogate models, appraisals and borrower information
- An intellectually curious mindset and willingness to challenge assumptions rather than accept information at face value
- Ability to manage multiple live transactions while maintaining a high standard of analysis
- Clear communication skills, with the ability to articulate complex deal risks succinctly
- Highly organised, detail-oriented and commercially minded
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Why It’s Worth a Conversation
The timing is particularly interesting. The firm has recently secured additional funding capacity, is continuing to build out its origination team and is now expanding underwriting again to support the next stage of deployment.
For an underwriter, that creates the opportunity to join a platform with genuine momentum while working in an environment where the quality of analysis matters. You’ll gain exposure to varied and often complex transactions, work closely with experienced decision-makers and develop a broader understanding of how loans are assessed, structured, priced and executed.
Beyond a strong salary and bonus, there is also a clear mid-term path to equity — something rarely offered at this level.
If you want to join a growing lender without compromising on the rigour and depth of your underwriting experience, this is an opportunity worth exploring.
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